Vivendi’s Universal Music Group sold off more music rights yesterday, marking the last of the asset sales required as a condition of its EMI purchase.
Universal sold the European rights to the “Now That’s What I Call Music!” compilation album series to Sony Music for more than $60 million.
It also sold small label Co-Operative Music to one of Europe’s largest independent music players, UK-based Pias, for around $750,000.
In September, Universal completed a deal to acquire EMI’s recorded music business for $1.9 billion, making it the biggest of the three music majors by far.
As part of the deal, Universal agreed to sell off about a third of EMI’s assets to other music companies to satisfy European anti-trust regulators.
Over the past year, Universal has sold a host of labels to BMG Rights, including Mute for $10 million and Sanctuary for $62 million.
Universal’s biggest EMI divestment was record label Parlophone, home to artists such as Coldplay, which it sold to rival Warner Music Group for $764 million.